Bitcoin falls: The crypto market underwent mixed swings as it likely faced sell-offs and profit bookings, with Bitcoin falling below its earlier levels.
The crypto market witnessed Bitcoin falling slightly below $24000 as it was gripped by high volatility and uncertain sentiments. Experts have termed it a temporary slump, with sentiments still positive for the year ahead. The latest dip in the crypto market could have been due to increased selling due to economic uncertainties.
ETH was trading just above $1650, while BNB, Cardano, Polygon and other cryptos were trading in the red. Bitcoin’s 24-hour volume stood at over $40 billion, while its market capitalization was stable at over $461 billion out of the $1 trillion crypto market. Analysts have expressed concerns in the crypto market for the upcoming days, with Bitcoin falling below its previous trading range.
The most serious concern for experts has been the possibility of a stricter monetary policy in the future to control inflation. The FOMC minutes point towards central bankers willing to increase interest rates further with a hawkish stance, which could prove to be risky for the crypto markets. Most crypto market stakeholders are positive, with Bitcoin’s stellar run in 2023 and the increasing initiatives by countries worldwide to regulate the sector. Though the risks remain, Bitcoin has shown bullish signs of further rallies this year.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $23800 on February 24, 2023, with BTC/USD down by 2.20% in the previous 24 hours. Almost all other altcoins registered negative movements in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (23,324.32). Though the market witnessed Bitcoin falling below the $24000 mark, it is expected to recover its losses soon and rally further.